Cairo – Mubasher: The Egyptian Exchange (EGX) opened Wednesday’s trading session up, backed by local buying.

By 10:22 am Cairo time, the benchmark EGX30 index surged 95.57 points, or 0.71%, to 13,542.79 points on the back of blue-chip stocks.

The EGX70 index inched up 0.04% to 675.74 points, and the EGX100 index added 0.13% to 1,704.86 points.

Likewise, the equal-weighted EGX50 index levelled up 0.39% to 2,213.11 points.

Trading volume reached about 20.38 million shares exchanged through 1,800 transactions at a turnover of EGP 78.6 million.

Egyptian investors were net buyers with EGP 3.48 million, while foreign and Arab investors were net sellers with EGP 2.9 million and EGP 515,030, respectively.

The heavyweight Commercial International Bank (CIB) went up 1.81% to EGP 78.02, with a turnover of EGP 22.8 million.

Egyptian Resorts led gainers with 5.15%, followed by Palm Hills Development which added 2.26%.

Telecom Egypt was the only decliner among blue-chip stocks with 0.43%.

On Tuesday, the benchmark EGX30 index surged 111.37 points, or 0.84%, to close at 13,447 points, backed by gains of some blue-chip stocks led by CIB.  

Experts forecast that EGX will maintain the sideways trend on Wednesday.